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EDP board rejects €9B takeover bid from China Three Gorges

The executive board of Portuguese utility EDP - Energias de Portugal SA on June 8 rejected a €9.07 billion all-cash takeover bid by China Three Gorges Corp. as it found the offer undervalues the company.

CTG bid €3.26 a share for the stock it does not already own, which is a 4.8% premium from EDP's May 11 closing price of €3.11, when the deal was first announced. That price is low compared with other instances of European utility deals where the buyer has acquired control of a company, EDP's board said. CTG owns 23.27% of EDP as of June 8.

The board, however, said there are benefits to be gained from a takeover by CTG and it will seek more information from the Chinese utility.